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Elliot waves meets Fibonacci [Educational]Hello everyone, today I like to share how I use elliot waves combined with fibonacci to analyze the market. The standard rules are: - Wave 2 can now be lower then the start of wave 1 - Wave 3 should be the longest - Wave 4 should not breach the high of wave 1 But to have a more objective view there are also price targets to be reached within the different waves. It's a complex subject to show in one chart, so feel free to ask in the comment section if you have any questions.
BITFINEX:BTCUSDEducation
by Kyrean
7
WBD bottoming in process, turnaround soon? Target 70 USD +Following WBD for quiet a few years, and we could witness now a bottoming process, where either we have the lows already in, or we should be near to it. On the several year-prospect we had already a wave 1 (or A wave) to the upside, with a wave 2 several year pullback as either as a-b-c (with an overshooting b wave to the upside), or a WXY structure. Yellow route is the alternative route for now, which highlights one more bigger swing lows arriving (and that currently we might be in yellow wavecounts, where price action SHOULD hold the 8.30-8.40 USD mark and not break below comfortably. (Secondary scenario) Primary scenario where I watching primary a bottoming process is the white route where the white big wave (2) is already in at ~8.80 USD. As the weekly and daily MACD/RSI showing bullish divergence, and also the runup having clearly impulsive characteristic from that bottom, I am leaning towards this scenario. Be aware, yellow is still not invalidated though. I am re-publishing the idea, since the previous one got flagged for house-rule-violation.
NASDAQ:WBDLong
by tommtajlor
29
Elliott Wave Outlook for RELIANCETechnical Analysis of Reliance Industries (RELIANCE) based on Elliott Waves This analysis is based on Elliott Wave Theory and is for educational purposes only. It does not constitute financial advice. Investing involves risk, and past performance is not indicative of future results. Always consult with a financial advisor before making any investment decisions. Elliott Wave Analysis The provided chart of Reliance Industries (RELIANCE) outlines a potential Elliott Wave pattern within a 1-hour timeframe. Elliott Wave Theory suggests that financial markets move in predictable and repeatedly patterns based on investor psychology. Key Observations: 1. Impulse Wave: The primary uptrend appears to be an impulse wave, a five-wave structure. Wave 1: The initial uptrend from the low point. Wave 2: A minor correction or pullback. Wave 3: A strong extension of the uptrend. Wave 4: A smaller correction. Wave 5: The final wave of the impulse, often ending with a climactic price movement. 2. Corrective Wave: The current downward movement was a zigzag corrective pattern. Wave A: The initial decline. Wave B: A minor retracement. Wave C: The expected continuation of the downward trend. Potential Scenario: If the current corrective pattern zigzag finishes here or near, then further wave ((3)) is to start post completion of wave (C) of ((2)), and it would not go sudden upside, because any impulse wave unfolds in five subdivisions, so wave (1) of wave ((3)) can start any time post completion of wave (C) of wave ((2)). Note: This analysis is based on a specific interpretation of the Elliott Wave pattern. Other analysts might have different interpretations. It's crucial to use multiple tools and indicators to confirm your analysis. Additional Considerations: Fundamental Analysis: Consider factors like company earnings, industry trends, and economic indicators to support your technical analysis. Risk Management: Always use stop-loss orders to limit your potential losses. Diversification: Don't put all your eggs in one basket. Diversify your investments across different assets. Remember: Elliott Wave analysis is a complex tool that requires practice and experience. It's essential to approach it with caution and always consider the potential risks involved in trading. I am not Sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses. Most investors treat trading as a hobby because they have a full-time job doing something else. However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...! Hope this post is helpful to community Thanks RK💕 Disclaimer and Risk Warning. The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
NSE:RELIANCELong
by RK_Chaarts
MARA Bullish Outlook: Elliott WavesTechnical Analysis of MARA Based on Elliott Waves. The following analysis is based on the provided chart and is for educational purposes only. It does not constitute financial advice. Investing in stocks involves risk, and past performance does not guarantee future results. Always conduct thorough research and consult with a financial advisor before making any investment decisions. Key Observations from the Chart - Elliott Wave Theory: The chart appears to be using Elliott Wave Theory to identify potential future trends. Elliott Wave Theory suggests that markets move in predictable patterns, often referred to as "waves." - Uptrend: The overall trend of the chart seems to be bullish, indicating a potential uptrend. - Invalidation Level: A horizontal line is drawn at the bottom, labeled "Invalidation Level." This level could serve as a support level, and if the price breaks below it, the bullish outlook might be invalidated. - Pattern Recognition: The chart seems to be suggesting a potential "5-wave impulse" pattern, which is often associated with an uptrend. - Price Action: The price has recently shown a pullback, which could be a healthy correction within the larger uptrend. Potential Outlook Based on these observations, the chart suggests a bullish outlook for MARA. If the price can hold above the "Invalidation Level" and continue to follow the Elliott Wave pattern, there is a potential for further upward movement. However, it's important to note that technical analysis is not foolproof. Market conditions can change rapidly, and unexpected events can affect the price. Always stay informed about the company's fundamentals, industry trends, and broader market conditions. Next Steps 1. Monitor Price Action: Keep an eye on the price in relation to the "Invalidation Level" and the Elliott Wave pattern. 2. Consider Other Indicators: Combine technical analysis with fundamental analysis to get a more complete picture of the company. 3. Risk Management: Implement risk management strategies, such as stop-loss orders, to protect your investments. I am not Sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses. Most investors treat trading as a hobby because they have a full-time job doing something else. However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...! Hope this post is helpful to community Thanks RK💕 Disclaimer and Risk Warning. The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
NASDAQ:MARALong
by RK_Chaarts
2
XLE: Rising Wave PatternTechnical analysis chart of the Energy Select Sector SPDR Fund (XLE), with Elliott wave analysis overlaid. Let's break down the analysis based on the chart and labels: Overall Analysis: The chart suggests a bullish trend for XLE, based on the Elliott wave structure. It indicates that we have completed wave ((4)) of wave V and are now in the unfolding wave ((5)). Within wave ((5)), we have started wave (1), and are currently in wave (3) of (1). Wave Counts and Labels: V Red: This represents the fifth and final wave of a larger Elliott wave pattern. ((4)) Black: The fourth corrective wave within V. ((5)) Black: The fifth and final impulsive wave within V. (1) Blue: The first impulsive wave within ((5)). 1 Red: The first wave within (1). 2 Red: The second corrective wave within (1). 3 Red: The third impulsive wave within (1) (currently unfolding). Price Projection and Invalidation as per Waves: Bullish Projection: The chart suggests a potential target of 105 for wave ((5)). Invalidation Level: A break below 83.02 would invalidate the current bullish analysis. Educational Notes: Elliott wave theory is a technical analysis tool that identifies patterns in price movements based on a series of five waves. Impulsive waves (1, 3, 5) move in the direction of the overall trend, while corrective waves (2, 4) move in the opposite direction. Wave labels use brackets to indicate different levels of analysis. For example, ((5)) is a larger wave than (1). Colors are often used to visually differentiate between different waves and patterns. I am not Sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses. Most investors treat trading as a hobby because they have a full-time job doing something else. However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...! Hope this post is helpful to community Thanks RK💕 Disclaimer and Risk Warning. The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
AMEX:XLELong
by RK_Chaarts
Riding the Wave: A Deep Dive into EURUSDElliott Wave Analysis of EURUSD This analysis is for educational purposes only and does not constitute financial advice. Trading involves risk, and individuals should consult with a financial advisor before making any investment decisions. Current Analysis Based on the provided Elliott Wave chart, we've identified the following: Completed Waves: Waves (1) to (4) have been completed in blue. Potential Ongoing Wave: Wave (5) is currently unfolding, with wave 1 completed in red. Scenario 1: Upward Reversal If the low of wave (4) is not breached, we can anticipate a potential upward reversal. This would indicate the completion of wave 2 in red and the beginning of wave 3 in red. This bullish scenario suggests a continuation of the uptrend. Scenario 2: Downward Correction If the low of wave (4) is broken, it would suggest that wave (4) is still in progress. This could lead to a further downward correction before the uptrend resumes. Key Points Support Level: The low of wave (4) serves as a crucial support level. A break below this level would invalidate the current bullish scenario. Resistance Level: The high of wave (1) could act as a potential resistance level. A break above this level would strengthen the bullish outlook. Elliott Wave Theory: This analysis is based on Elliott Wave Theory, which posits that financial markets move in predictable patterns. However, it's important to note that Elliott Wave analysis is not infallible, and other factors can influence market movements. Conclusion The current analysis suggests a bullish outlook for EURUSD, assuming the low of wave (4) is not breached. However, it's crucial to remain vigilant and monitor market developments closely. Always conduct thorough research and consider multiple factors before making any trading decisions. I am not Sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses. Most investors treat trading as a hobby because they have a full-time job doing something else. However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...! Hope this post is helpful to community Thanks RK💕 Disclaimer and Risk Warning. The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
Long
by RK_Chaarts
2
Charting with Elliott WavesUnderstanding how to do Technical Analysis of any chart based on Elliott Waves This analysis is for educational purposes only and should not be considered as trading advice. Multiple scenarios are possible in the real market, and there is a risk of being wrong. It is essential to consult with a financial advisor before making any trading or investment decisions. We are not responsible for any profits or losses incurred based on this analysis. Wave Rules: Wave 2 cannot retrace more than 100% of Wave 1. Wave 3 is never the shortest wave. Wave 4 should not overlap with Wave 1's price territory, except in diagonal triangles. Applying Elliott Wave Theory Elliott Wave Theory is a powerful tool for traders, but it requires practice and a deep understanding of market psychology. By analyzing wave patterns, degrees, and Fibonacci relationships, traders can gain insights into potential market trends and make informed trading decisions. It is important to combine Elliott Wave analysis with other technical indicators and risk management strategies to enhance the accuracy and reliability of market forecasts. Elliott Wave Theory provides a comprehensive framework for understanding market cycles and predicting price movements. By mastering its principles and applying them with discipline, traders can enhance their ability to navigate the financial markets and capitalize on emerging trends. Let's understand study of this chart Current Wave Structure Primary Wave Count: - The chart illustrates a completed five-wave impulse sequence (1-2-3-4-5) followed by a corrective phase. - The primary impulse wave (labeled in red) has completed its cycle, marked by a significant peak at Wave 5. - The subsequent corrective wave (labeled in blue as (4)) has also completed, indicating a potential beginning of a new impulse sequence. Subwave Count: - The internal structure of the primary waves shows clear subwaves, especially within the third wave, which is typically the strongest and longest. - The chart depicts detailed labeling of smaller degree waves (i-ii-iii-iv-v), ensuring adherence to Elliott Wave principles. Recent Breakout Analysis Breakout Confirmation: - Recently, the price has broken out from a consolidation zone, supported by increased trading volumes. This is a positive sign indicating strong market interest and momentum. - The breakout occurred after the price retested the previous resistance level, which now acts as a support. This successful retest enhances the credibility of the breakout. Future Projections Impulsive Bias: - Based on the wave structure, the stock appears to be in the early stages of a new impulse wave. This suggests a bullish outlook with potential for significant upward movement. - The immediate target for this impulse wave is the 1.618 Fibonacci extension level at INR 2,976.60, aligning with typical Elliott Wave projections for Wave 3. Invalidation Level: - The nearest invalidation level for this bullish scenario is marked at INR 1,651.40. A break below this level would suggest a re-evaluation of the wave count and the current bullish bias. Conclusion The technical analysis of Dalmia Bharat Ltd. indicates a favorable outlook for continued upward movement, supported by a clear Elliott Wave structure and recent breakout confirmation with good volume. However, traders should monitor the invalidation level closely. I am not Sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses. Most investors treat trading as a hobby because they have a full-time job doing something else. However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...! Hope this post is helpful to community Thanks RK💕 Disclaimer and Risk Warning. The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
NSE:DALBHARATEducation
by RK_Chaarts
GTPL HATHWAY LTD. Technical Outlook with Elliott wavesThe chart provided utilizes Elliott Wave Theory to analyze the price movements of GTPL HATHWAY LTD . Below is a breakdown of the wave counts and their significance: Primary Wave Count Labelled in Black Wave ((1)) in Black (Primary Degree): - This initial wave is marked from the low in March-2020 to the high Oct-2021. - It represents the first major upward movement after a prolonged downtrend, indicating a new bullish cycle. Wave ((2)) in Black (Primary Degree): - This corrective wave follows Wave ((1)), retracing a portion of the gains made in Wave ((1)). - It is marked from the high Oct-2021 to the low March-2022. - Wave ((2)) is typically characterized by a three-wave structure (ABC correction), although it appears to have a complex structure in this case. Wave ((3)) in Black (Primary Degree): - The current wave, which is expected to be the most powerful and extended wave. - It is divided into five smaller waves (1)-(2)-(3)-(4)-(5) within it, in Blue (Intermediate Degree). Intermediate and Minor Degree Waves Wave (1) of ((3)) (Intermediate Degree): - This wave is a smaller degree wave within the primary Wave ((3)). - It starts from the low of Wave ((2)) and moves up, completing its cycle around the first quarter of 2023. Wave (2) of ((3)) (Intermediate Degree): - A corrective wave within the primary Wave ((3)), following the high of Wave (1). - It retraces some of the gains made in Wave (1). Wave (3) of ((3)) (Intermediate Degree): - This wave is in progress and is expected to unfold into five smaller waves (i, ii, iii, iv, v). Subdivisions as Minor Degree in Red within Intermediate Waves Wave 1 of (3) (Minor Degree): - The first sub-wave of the intermediate Wave (3), indicating a small upward movement. Wave 2 of (3) (Minor Degree): - A corrective sub-wave following Wave 1, resulting in a minor pullback. Wave 3 of (3) (Minor Degree): - Expected to be the most extended and powerful sub-wave within the intermediate Wave (3). - This wave is likely to push the price significantly higher, followed by wave 4 & wave 5 to finish Wave (3). Bullish Scenario and Price Targets Target for Wave 3 (Primary Degree): - The projected target for Wave 3 is around the 1.618 Fibonacci extension level, which is 353. Key Levels - Invalidation Level: 155 - This level serves as a crucial point. If the price drops below 155, it invalidates the current wave count and the bullish scenario for now. MACD Trend Indicator: - Already running positive in both Monthly and Daily timeframes. - Turned upside in Weekly timeframe and is on the verge of a positive crossover. Trendline Breakout: A trendline breakout has been observed on the Weekly timeframe. Moving Averages: The price has closed above the 50EMA, 100EMA, and 200EMA in both Weekly and Monthly timeframes. Bullish Divergences: Bullish divergences are aligned on both Weekly and Daily timeframes. Support and Resistance: The price is taking support at the 20SMA mid Bollinger Band in the Monthly timeframe. The stock is attempting to close above the Weekly 20 SMA, which has not been achieved yet. Conclusion The detailed wave count analysis suggests that "GTPL HATHWAY LTD" is currently in the early stages of a primary Wave 3, which is typically the strongest and most extended wave in Elliott Wave Theory. The intermediate and minor degree waves within this primary wave indicate a structured and progressive upward movement, supported by various technical indicators. The primary target is set at 353, with an invalidation level at 155. If the price breaks below the invalidation level of 155, it indicates that we are still in Wave (2) of the Blue Intermediate Degree. Consequently, we would need to wait for the start of Wave 1 of (3). In this scenario, the new invalidation level would be 93.75. I am not Sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses. Most investors treat trading as a hobby because they have a full-time job doing something else. However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...! Hope this post is helpful to community Thanks RK💕 Disclaimer and Risk Warning. The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
NSE:GTPLLong
by RK_Chaarts
6
Wave (3) Awakening: Shri Jagdamba Polymers Ltd. AnalysisOverview: Shri Jagdamba Polymers Ltd. has completed Wave (1) and Wave (2) in blue of Intermediate degree on the weekly chart. The stock now appears to be starting Wave (3) in blue, which should unfold into five subdivisions as Wave 1-2-3-4-5 in red of Minor degree . Currently, Wave 1 in red has finished its subdivisions as Wave ((i)) and Wave ((ii)) in black of Minute degree . Now, Wave ((iii)) in black of Wave 1 in red seems to be starting, indicating a bullish outlook. Wave (3) Characteristics: - Strong Impulse: Wave (3) is typically the most powerful and extended wave, characterized by strong upward momentum. - Fibonacci Extension Target: If Wave (3) in blue reaches 161.8% of Wave (1)-(2) , the price target can be approximately 3300 . - Subdivisions: Wave (3) subdivides into five smaller waves (1-2-3-4-5 in red of Minor degree), with each smaller wave further subdividing (e.g., Wave 1 in red subdivides into ((i)), ((ii)), ((iii)), ((iv)), ((v)) in black of Minute degree). Current Technical Setup: - Current Price: Observing the price action. - Key Levels: - Invalidation Level: 450 (marked as the low of Wave (2) ) - Fibonacci Extension Target: 3300 Technical Indicators: - Wave ((iii)) Starting: The initiation of Wave ((iii)) in black of Wave 1 in red signals potential strong bullish momentum. - Bullish Outlook: The completion of preliminary waves ((i)) and ((ii)) in black suggests that a significant upward move is likely ahead. Risk-Reward Analysis: - Risk: Low risk with the stop-loss set at 450 . - Reward: High potential reward with a target of 3300 . - Risk-Reward Ratio: Favorable due to the substantial upside potential and defined risk level. - View: Long term Investment pick. Trading Strategy: - Consider entering a position as Wave ((iii)) in black of Wave 1 in red unfolds, with a stop-loss at 450 . - Monitor for further confirmation of upward movement and add to positions as Wave ((iii)) progresses. Conclusion: Shri Jagdamba Polymers Ltd. is poised to start Wave (3) in blue of Intermediate degree , characterized by strong bullish momentum. The current setup indicates the start of Wave ((iii)) in black of Wave 1 in red, offering a compelling risk-reward opportunity. Monitoring the progress of these waves and the overall price action will be crucial for optimizing entry and exit points. I am not Sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses. Most investors treat trading as a hobby because they have a full-time job doing something else. However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...! Hope this post is helpful to community Thanks RK💕 Disclaimer and Risk Warning. The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
BSE:SHRJAGPLong
by RK_Chaarts
4
Ashoka Buildcon, Bullish Trend with Multiple ConfirmationsTechnical Analysis of Ashoka Buildcon Ltd. Overview: Ashoka Buildcon Ltd. has recently demonstrated a bullish breakout from a classic Cup and Handle chart pattern, supported by robust trading volumes. This pattern, known for its bullish implications, suggests a strong potential for continued upward momentum. Volume Analysis: A noteworthy observation in the volume analysis is the stark contrast in trading volumes during price movements. Each time the stock price declined, the volumes were very low, indicating weak selling pressure. Conversely, during price increases, the volumes were aggressively high, reflecting strong buying interest and investor confidence. Elliott Wave Analysis: According to Elliott Wave theory, Ashoka Buildcon Ltd. appears to have commenced the third wave of the third wave (wave 3 of wave (3) of wave ((3)). The third wave in Elliott Wave structure is typically the most powerful and significant, often characterized by rapid and sustained price advances. This suggests that the stock could experience a substantial upward trajectory in the near future. Technical Indicators: RSI (Relative Strength Index): The RSI is currently showing strong bullish momentum, consistently above 60 and 70 across daily, weekly, and monthly time frames. This indicates sustained strength and buying interest. MACD (Moving Average Convergence Divergence): The MACD is positively aligned across all time frames, reinforcing the bullish outlook. Cup and Handle Pattern: Breakout: The bullish breakout from the Cup and Handle pattern is a significant development, often indicating the start of a strong upward trend. Targets: Based on the pattern, potential targets can be projected by measuring the depth of the cup and adding it to the breakout point. Specific targets will depend on the exact dimensions of the pattern on the chart. Stop Loss: To manage risk, a stop loss can be placed just below the handle's low or the last significant swing low, ensuring protection against unexpected downturns, which is possibly in market. Key Insights: Chart Analysis: "The chart says everything; we just have to be able to hear." This highlights the importance of paying attention to the technical signals and patterns, which currently point towards a bullish future for Ashoka Buildcon Ltd. Bullish Outlook: With the confluence of strong technical indicators, a significant Elliott Wave setup, and a confirmed Cup and Handle breakout, the stock looks very bullish going forward. Investors should monitor the invalidation level at the last swing lows for risk management. In conclusion, Ashoka Buildcon Ltd. presents a strong bullish case with multiple technical factors aligning to support a positive outlook. The combination of high volumes on upswings, a robust Elliott Wave structure, and the Cup and Handle breakout suggest significant potential for upward movement. I am not Sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses. Most investors treat trading as a hobby because they have a full-time job doing something else. However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...! Hope this post is helpful to community Thanks RK💕 Disclaimer and Risk Warning. The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
NSE:ASHOKALong
by RK_Chaarts
ETC Long - Wave 3 has potentially started. ETC is one of ur favourite tokens. Although it has so far underperformed against other alts, it respects technical analysis to a tee, allowing us to trade it profitably and hold it with clear invalidation points and targets. We believe we have completed a wave 2 retracement to the 618 where the major 23$ support lies. Now we're looking for a wave 3 expansion which will be confirmed by taking out the 40$ high. We are inclined to believe that this expansion will outperform and reach the 2.618 as opposed to the 1.272 or 1.618. Moreover, this looks to be a major wave count that could truly bring ETC well OVER 100$ potentially to the 786 high to low and maybe even to ATH. However, if you know us then you know we play it level by level and that's what we are doing here also. First target 40-45$, invalidation point would be the break of the 23$ support which in our opinion is the most important level on the chart.
Long
by SynergyTradingSetups